New Zealand Loan & Mercantile Agency Ltd was incorporated in England in 1865 and again , after reconstruction, in May 1894. The main purpose of the company to provide investment and loan of monies in New Zealand and elsewhere, trade and commerce. It originally planned to confine its operations to New Zealand but decided to extend business to Australia in 1874. Operations were soon extended to various Australian states. Australian operations were separated from those of New Zealand and operated under their own local board from 1889. NZL Properties (Australia) Pty Ltd was formed in 1952 to hold properties for use by the parent company and was later used as a holding company for subsidiaries. NZL&MA merged with Dalgety & Co Ltd in Nov 1961 to form Dalgety & New Zealand Loan Ltd.